Commentary & Deal Flow

Sofima Holding SpA (IMA Industria Macchine Automatiche Spa) EUR1.28bn (up from EUR1.25bn) 144A/Reg S sr sec fixed/floater two-part. B2/B (stable/stable). Via JPM physical books (B&D)/BNPP/CA/Mediobanca/Mizuho/MS/NatWest UniCredit joint gloco/books. No reg rights. List Lux. Settles 12/29 (T+11).

- EUR830m (up from EUR800m) fixed rate notes due 01/15/28 (7y). NC2 (01/15/23) (MWC B+50bp), then at 101.875, 100. Equity claw: 2y 35% at 103.75. Special call: 10% per year the 1st 3 years at 103. Reg S ISIN: XS2275090749. IPT: low 4s. Px talk: 4% area. Final price: 3.75%. Priced: 3.75% at 100. +451bp vs DBR 5.625% 01/04/28.

- EUR450m FRN due 01/15/28 (7y). NC1 (01/15/22) (MWC B+50bp), then at 100. Quarterly pay. Reg S ISIN: XS2275101967. IPT: low 4s (inclusive of OID). Px talk: E+400-425bp (0% floor) at 99.50 OID. Final price: E+400bp (0% floor) at 99.750 OID. Priced: 3mE+400bp (0% floor) at 99.750.

Did investor call at 11am UKT 12/07 (virtual 1x1 meetings through 12/09). Books closed at 2:30pm UKT today. Reconfirmed orders were due by 3:30pm UKT today. (Originally pricing 12/11). UOP: repay the bridge loan incurred to fund the acquisition of IMA's shared by BC partners, fund the acquisition of further shares (up to a 45% stake) and repay existing debt (EUR547) (EUR30m upsize UOP: GCP). BC expects to contribute a total equity contribution of EUR2.305bn. Biz: design and assembly of automated machines for the processing and packaging of pharmaceuticals, food, tea, coffee and tobacco. HQ: Bologna, Italy.